Question

In how many years will the compound interest on Rs 16000 at the rate of 5% per annum be Rs 18522?

A) 2 years
B) 3 years
C) 4 years
D) 5 years

Answer 1

To find the number of years it will take for the compound interest on Rs 16000 at a rate of 5% per annum to be Rs 18522, we can use the formula for compound interest.

Step-by-step explanation:

To find the number of years it will take for the compound interest on Rs 16000 at a rate of 5% per annum to be Rs 18522, we can use the formula for compound interest:

Compound Interest = Principal x (1 + Rate/100)^Time - Principal

18522 = 16000 x (1 + 5/100)^Time - 16000

After solving this equation, we find that the time needed is approximately 5 years.